Layoff Effect: 7/10 Job Seekers in India Prefer Corporates Over Startups

Amidst widespread layoffs and job uncertainties in the startup workforce, a significant shift is occurring as 7 out of 10 job-seekers now prioritize working in large corporations over startups. The current climate has prompted professionals to seek stability and security, leading them to favour established companies.

This is revealed in a recent report by apna.co. According to the survey, a staggering 73% of job seekers now prefer working with stable and well-established companies. This shift in preference can be attributed to the current economic uncertainties and the challenges faced by the startup ecosystem.

Career Growth Takes Priority over Work-Life Balance

The survey, conducted with over 10,000 job seekers and 1,000 HR recruiters, highlights that career growth opportunities take precedence for job seekers. In fact, 73% of Indians consider career growth as the primary factor in their job search, surpassing the importance of work-life balance, location, commute, and company culture. This indicates that professionals are increasingly focusing on upskilling and keeping themselves relevant to grow within their current organizations.

Employers Recognize Job Seekers' Priorities

Employers have taken note of job seekers' priorities, with 72% of them identifying professional development opportunities as the top priority when it comes to attracting talent. Additionally, 22% of employers believe that flexible work hours are crucial for job seekers. This underscores the increasing importance of offering career advancement opportunities and flexible working hours to attract and retain top talent.

Upskilling for Relevance

The survey reveals that 9 out of 10 employers recognize the importance of skilled professional in their hiring process. However, only 6 out of 10 employers have implemented upskilling programs within their organizations. Large enterprises are leading the way in empowering their employees' overall growth through upskilling initiatives. In the current business landscape, recruiters are placing greater emphasis on skills, creating a level playing field for job aspirants from Tier 2 and Tier 3 towns and promoting a more inclusive hiring process. While degrees provide a theoretical foundation, skills demonstrate a candidate's aptitude for applying knowledge in practical scenarios.

Tech Skills in High Demand

Employers are now seeking candidates with technical skills, particularly in the fields of artificial intelligence (AI), data science, and digital marketing. As digital technology continues to accelerate, job seekers who can showcase proficiency in using technology, especially for remote work, are highly sought after. Skills such as coding, data analysis, and proficiency in software and hardware tools are in high demand.

Upskilling Becomes Mandatory for Success

The report emphasizes that 65% of professionals consider relevant skills to be as crucial as a degree from a reputable institute when it comes to succeeding in job interviews. Notably, women place greater emphasis on relevant skills, with 77% of female respondents indicating their importance compared to 51% of males.

The survey indicates a shift towards a skills-first approach to hiring in India. Upskilling is becoming increasingly necessary for individuals and organizations to thrive in an AI-powered world. Employers who prioritize offering professional development opportunities and flexible work arrangements are likely to be the top choice for job seekers.

Nirmit Parikh, Founder & CEO of apna.co, said, "India's job market is evolving rapidly with changing preferences of job seekers who are now more inclined towards stable and established companies for better career growth prospects. <...> At apna.co, we strive to bridge the gap between job seekers and employers by providing a platform that facilitates inclusive hiring decisions and upskilling opportunities for all. Our mission is to help individuals and organizations succeed in the dynamic 21st-century job market."

Founded in 2019, apna.co is jobs and professional networking platform dedicated to helping India’s workforce to unlock unique professional networking and skilling opportunities.